EIP: What to know about the Economic Impact Payment Cards

WASHINGTON DC- APRIL 21 U.S. President Donald Trump and Treasury Secretary Steven Mnuchin participate in the daily coronavirus task force briefing at the White House

Starting this week, around 4 million Americans who haven't received their coronavirus stimulus checks will get their relief payments in the form of prepaid Visa debit cards.

Under the CARES Act, a $2.2 trillion stimulus package bill laid out by the White House, some $290 billion will be distributed to U.S. citizens in the first tranche of payments.

The Treasury said it has already sent more than 140 million economic impact payments worth $239 billion to Americans by direct deposit to accounts at financial institutions, Direct Express card accounts, and by check.

The Treasury Department says that the debit card recipients can make purchases, get cash from in-network ATMs, and transfer funds to their personal bank account without incurring any fees.

As of Tuesday, the IRS has sent 140 million stimulus checks, as the IRS began pushing out stimulus checks almost five weeks ago.

Now, however, the IRS has started adding 3,500 people who can answer questions from taxpayers by phone, and the number to call is 1-800-919-9835.

Social Security recipients who don't normally file a tax return are receiving their stimulus money however they usually receive their monthly benefits.

If you receive one of the IRS stimulus payment cards and enjoy using it, you may decide to keep another debit card or two handy, besides your regular bank card.

"This is generally the address on your most recent tax return or as updated through the United States Postal Service (USPS)", it said, repeating that your payment will be made by check or prepaid debit card.

Low-income people who don't earn enough money to have to file tax returns will still have to submit some information to the IRS, using an online non-filer tool, before receiving the stimulus money.

For those U.S. citizens who have stil to receive their check, the IRS has set up an online status tracker: Get My Payment. Children under 17 are eligible to receive $500.

Payments total up to $1,200 for individuals and $2,400 for married couples depending on income, with additional subsidies offered to those with dependents. For a typical family of four, the amount is completely phased out for those with incomes exceeding $218,000.



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